RCS - Enteq Technologies - SABER Tool Update

Enteq Technologies

15/02/2023 07:00

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RNS Number : 9146P  Enteq Technologies PLC  15 February 2023

Enteq Technologies plc

 

("Enteq" or the "Company")

 

SABER Tool Update

 

 

Enteq Technologies plc (AIM: NTQ.L) the energy services technology and
equipment supplier, is pleased to announce it has completed the preliminary
live drilling testing for SABER in a hard rock environment at a test-site in
Norway.

 

The tool drilled over 100m through granite, demonstrating functionality of key
elements of the system and confirming that the critical flow diverter can
operate effectively to generate differential pressure and maintain a constant
steering angle. Further valuable feedback on the tool performance was gained
from this testing programme identifying as expected, some minor engineering
changes for implementation prior to commercialisation.

 

This encouraging performance has given the green light to proceed to
additional directional drilling testing which is scheduled in North America
and then customer field trials. A trading statement and further update is
expected after the financial year end, in early April.

 

Enteq is also pleased to announce that it has been short-listed as a finalist
for the 2023 Offshore Achievement Awards, Emerging Technology category,
alongside other leading innovations and companies working across oil and gas,
renewables and other offshore industries.

 

 

For further information, please contact:

 

Enteq Technologies
plc
+44 (0)20 8087 2202

www.enteq.com (http://www.enteq.com)

Andrew Law, Chief Executive Officer

David Steel, Chief Financial Officer

 

finnCap Ltd (NOMAD and
Broker)
+44 (0)20 7220 0500

Ed Frisby, Fergus Sullivan (Corporate Finance)

Andrew Burdis, Barney Hayward (ECM)

 

About SABER

SABER (Steer-At-Bit Enteq Rotary Tool) is an evolution of traditional rotary
steerable systems (RSS). SABER directional drilling technology is based on
intellectual property licenced from Shell and subsequent Enteq developments.
SABER will widen Enteq's addressable market, accessing the large rotary
steerable drilling market, where the SABER tool can offer a differentiated and
cost-effective alternative to the traditional technology. SABER utilises
internal hydraulic pressure differentials to create side force at the drill
bit for geo-steering, rather than pushing against the borehole wall (pads and
pistons) to change direction. The advantage of internalising the steering
mechanism is expected increased reliability and reduced downtime. The Company
is bringing SABER to commercialisation. For additional information please
visit www.enteq.com/products/rotary-steerable-system-srss/
(https://www.enteq.com/products/rotary-steerable-system-srss/)

 

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